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Merchants Bancorp (MBIN) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Merchants Bancorp stock $45.11, price $51.76, that is 12.8% below the price, quality 30 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

MB Merchants Bancorp logo Broad data Nov 9, 2026

Merchants Bancorp

MBIN · US
Expensive, weak quality

Our calculation puts a fair price 13% below what the stock costs today.

Highly profitable · 42.5% net margin (TTM)
0.8% dividend yield · Low payout
Ranks above peers (8/13)
Upbeat coverage
Broad data
Last quarter vs. a year ago: revenue +37%, profit +147%.
Expensive Growth (revenue 5y +27.8 %/yr in USD)
Wide moat 65/100 · thin data
Insiders sold $993,600 (6M)
Fair value $45.11 · Overvalued
Quality 30/100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$55.60 $20.84 Fair Value $45.11 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range $20.84 – $55.60 · fair‑value band $41.50 – $53.26 · the $51.76 price screens above the $45.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking.

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The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates, and services government sponsored mortgages, including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for housing development and healthcare facilities financing.

This segment also offers customized loan products for need-based skilled nursing facilities, such as independent living, assisted living, and memory care; and tax credit equity syndicator service.

The Mortgage Warehousing segment funds agency eligible residential loans, as well as commercial loans to non-depository financial institutions.

The Banking segment offers a range of financial products and services to consumers and businesses, which includes retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and small business administration lending.

Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.

Stock analysis

Merchants Bancorp (MBIN) currently trades at $51.76, while our model-based Fair Value estimate is $45.11, 13% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $65.59 per share, and 2 of the 6 models we run sit above the $51.76 price.

Bear case: the Dividend Discount group reads lowest at $19.04, and 4 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: $41.50 (bear) to $53.26 (bull), the price of $51.76 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 30/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Merchants Bancorp reported revenue of $1.4B in FY2025 versus $462M in FY2021, a compound +31.1%/yr. Reported net income was $219M in FY2025, compounding −0.9%/yr from FY2021.

Key figures

Market cap $2.4B Mid · P/E ratio 10.4 · P/S ratio 3.77 · EPS (TTM) $4.98 · Dividend yield 0.8% · Net margin 42.5% · Return on equity 11.7% · Return on assets (EBIT) 2.1% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).

What moves the price

The share trades about 7% below its 52-week high and 72% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −13%, MBIN screens cheaper than that median.

Fair Value models

Bear $41.50 Fair Value $45.11 Bull $53.26
Price $51.76 · Downside -12.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($3.91 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $41.50 $45.11 $53.26 76
Gordon GGM $10.67 $20.13 $28.89 67
DDM Multi-Stage $10.67 $17.94 $21.40 67
All 6 models by family
Dividend Discount
Gordon GGM $10.67 $20.13 $28.89 67
DDM Multi-Stage $10.67 $17.94 $21.40 67
Multiples
P/E Multiple $46.43 $61.91 $77.39 63
P/B Multiple $51.95 $69.26 $86.58 55
Asset-Based
NCAV (Graham) $24.74 $33.15 $49.47 54
Economic Profit
Residual Income $41.50 $45.11 $53.26 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 30/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 28
How much profit the company makes from its sales and capital
Quality Growth 22
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 0
Debt, balance sheet and risk of trouble
Investment 47
Does it invest with discipline instead of growing at any price?
Low Volatility 52
How calm the share price moves, does not count
Price momentum 66
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 93
Distance to the 52-week high, does not count
New shares 71
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 2 officers or directors sold shares worth $993,600 and none bought.

  • SaleMichael F. PetrieChairman and CEO, Director, 10% owner3× since Feb 26, 2026: 63,030 shares, avg. $47.33$3.0MJul 30, 2026
  • SaleJulia L. KaercherDirector9,000 shares at $55.20$496,800Jul 30, 2026
  • SaleMartin A SchroeterPresident-Warehouse Lending5,500 shares at $46.06$253,330Feb 10, 2026

Plus 19 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−5.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+31.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.8%
Start year 2020 (pandemic). Over 10 years: +32.7% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+32.7%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+3.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.6%
Dividend (yield on the price)0.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.2.6% vs 17.2%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.61% → 19%
Pace: the 5-year rate starts in 2020 (pandemic)

MBIN screens overvalued: fair value 13% below the price. Compare with China Merchants Bank Co →

Earlier news

News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 996 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 30 · Bottom 25%
Fair Value upside −12.8% · Above median
Profitability
Return on equity (12 months) 11.7% · Above median
Return on assets 1.1% · Above median
Net margin (12 months) 42.5% · Top 25%
Operating margin (12 months) 61.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 37.1% · Top 25%
Dividend yield (12 months) 0.8% · Bottom 25%
Balance sheet
Debt / equity 1.69× · Highest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 10.4× · Cheaper than median
P/B 1.04× · Cheaper than median
P/S (12 months) 3.77× · Pricier than median
EV/EBITDA 23.2× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)16 · sector 8
FUTURE (revenue growth)100 · sector 47
PAST (return on equity)47 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)16 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs MBIN
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs MBIN
BNP Paribas SA BNP €91.93 €106.01 +15% vs MBIN
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs MBIN
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs MBIN
UniCredit S.p.A UCG €76.80 €50.44 −34% vs MBIN
Mizuho Financial Group MFG $9.40 $5.89 −37% vs MBIN
DBS Group D05 69.72 SGD 40.39 SGD −42% vs MBIN
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs MBIN
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs MBIN

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Cite: Fair Value Calculator (2026). "Merchants Bancorp Fair Value". https://www.fairvalue-calculator.com/stock/MBIN

Frequently asked questions

Is Merchants Bancorp (MBIN) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of $45.11 versus a price of $51.76, about 13% lower (overvalued).
What is the fair value of MBIN?
Our model-based fair value for Merchants Bancorp is $45.11 (as of Nov 9, 2026), built from audited fundamentals. The current price: $51.76.
What is the quality score of MBIN?
Merchants Bancorp has a Quality Score of 30/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Merchants Bancorp (MBIN)?
Our model-based price target is the fair value of $45.11 (as of Nov 9, 2026) from 6 valuation models. Cautious scenario $41.50, optimistic scenario $53.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Merchants Bancorp stock forecast for 2026?
Our models put fair value at $45.11, about 13% lower versus a price of $51.76 (overvalued). Cautious scenario $41.50, optimistic scenario $53.26. The calculation is refreshed regularly with new filings.
What is the revenue of Merchants Bancorp (MBIN)?
Merchants Bancorp reported trailing-twelve-month revenue of about $632M (latest available figure, as of Nov 9, 2026).
Does Merchants Bancorp pay a dividend?
Merchants Bancorp currently shows a dividend yield of 0.81% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Merchants Bancorp (MBIN) and when is the ex-dividend date?
Merchants Bancorp pays a dividend of $0.42 per share a year, a dividend yield of 0.8%. The last ex-dividend date was Sep 15, 2026. A dividend has been paid every year since at least 2017. The payout ratio is 8.4% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Merchants Bancorp (MBIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Merchants Bancorp it is $45.11 per share (as of Nov 9, 2026), against a price of $51.76. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Merchants Bancorp stock overvalued or undervalued in 2026?
As of Nov 9, 2026, MBIN trades above its calculated fair value: price $51.76, fair value $45.11, a gap of about −13% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MBIN?
No. The price is what the market pays today ($51.76); the fair value is what the company's own numbers justify ($45.11). For Merchants Bancorp the two are $6.65 per share apart. That gap is exactly why we show both numbers side by side.
How much is Merchants Bancorp worth?
The market values Merchants Bancorp at about $2.4B (market capitalisation, as of Nov 9, 2026). Per share that is $51.76; our models calculate a fair value of $45.11 per share.
What do the bullish and bearish scenarios say about MBIN?
Our models span a range for Merchants Bancorp: cautious scenario $41.50, base $45.11, optimistic $53.26 per share (as of Nov 9, 2026, price $51.76). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MBIN?
Merchants Bancorp trades at a price-to-earnings ratio of 10.4 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $45.11 is built from several models across several years. Other multiples: P/B 1.0, P/S 3.8, EV/EBITDA 23.2.
How solid is the balance sheet of Merchants Bancorp (MBIN)?
Balance-sheet figures for Merchants Bancorp (as of Nov 9, 2026): return on equity 11.7%, debt of 1.69 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is MBIN from its 52-week high?
Merchants Bancorp trades at $51.76, about 7% below its 52-week high of $55.60 and 72% above the low of $30.13 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $45.11 is for.
Which stocks are comparable to Merchants Bancorp?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Merchants Bancorp stock attractive at the current price?
The data as of Nov 9, 2026: price $51.76, calculated fair value $45.11 (−13%), Quality Score 30/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MBIN calculated?
We run Merchants Bancorp through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $45.11 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Merchants Bancorp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Merchants Bancorp (MBIN)?
The closing price on Nov 6, 2026 was $51.76. Our model-based fair value is $45.11, about 13% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Merchants Bancorp right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Merchants Bancorp (MBIN) come from?
Earnings per share at Merchants Bancorp grew +24.1 % a year from 2015 to 2025. Broken into its drivers: revenue per share +32.0 %, EBIT margin −8.9 %, tax rate +3.2 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Merchants Bancorp

How large is the market capitalisation of Merchants Bancorp (MBIN)?
The market capitalisation of Merchants Bancorp is $2.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Merchants Bancorp (MBIN)?
The price-to-sales ratio of Merchants Bancorp is 3.77 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Merchants Bancorp (MBIN)?
Earnings per share at Merchants Bancorp are $4.98 (price ÷ EPS = P/E 10.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Merchants Bancorp (MBIN)?
The dividend yield of Merchants Bancorp is 0.8% (payout 8.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Merchants Bancorp (MBIN)?
The net margin of Merchants Bancorp is 42.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Merchants Bancorp (MBIN)?
The return on equity (ROE) of Merchants Bancorp is 11.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Merchants Bancorp (MBIN)?
On an EBIT basis the return on assets of Merchants Bancorp is 2.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Merchants Bancorp (MBIN)?
The operating margin of Merchants Bancorp is 61.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Merchants Bancorp (MBIN)?
Revenue at Merchants Bancorp is growing +37.1% versus a year earlier (3y avg +31.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Merchants Bancorp (MBIN)?
Earnings per share at Merchants Bancorp are growing +147% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Merchants Bancorp (MBIN) generate?
The free cash flow of Merchants Bancorp is −$170M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Merchants Bancorp (MBIN) carry?
The net debt of Merchants Bancorp is $3.8B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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